Intelligence note
Admitted to insolvency on 10 Mar 2026 by the Chennai bench, on a petition by Indiabulls Housing Finance Limited. The admission order dates the default to 14 Nov 2023, 2.3 years before admission. The process is 197 days old as of 23 Sep 2026; cases that ended in a resolution plan took a median of 627 days. Amit Agrawal is the resolution professional. The window for expressions of interest closed on 22 Sep 2026; the invitation has been issued 3 times. Creditors have filed claims of Rs 104.15 Cr, of which Rs 100.31 Cr is admitted so far (as on 02 Apr 2026).
A Rs 105 crore loan against land in Mylapore, and an ad that will not say what the land is. Indiabulls Housing Finance Limited lent Rs 105 crore in March 2019 to this company and to Sathiyamoorthy Sai Prasad jointly, on a five-year tenure. Default came on 14.11.2023 with Rs 77,94,34,430 outstanding a month later. NCLT Chennai Division Bench-II admitted the Section 7 petition on 10-03-2026 -- CP (IBC)/74(CHE)/2024, filed in 2024 and decided in 2026 -- and appointed Amit Agrawal as IRP. By the time the Form G was issued the process had passed to an INSOLVENCY PROFESSIONAL ENTITY: Beleyur Resolutions Private Limited, IBBI/IPE-0163/IPA-1/2023-24/50073, acting through Ranjana Singh, the first IPE-as-RP in this batch. IBBI publishes no date for that changeover. The claim book is the largest in this run -- Rs 104.15 crore claimed, Rs 100.31 crore admitted -- and it is two claims: the lender at Rs 91.35 crore admitted and a single government dues claim of Rs 8.96 crore admitted in full. Not one trade creditor or employee has filed against a developer with a Rs 105 crore facility. What is on offer sits in one line of the ad: "Mylapore, Chennai." Rows 5, 6 and 7 are all NA, there is no website, no project is named, no extent is given and no RERA registration appears anywhere. For an asset in prime central Chennai carrying a hundred crore of admitted claims, the entire public description is a neighbourhood. Round 1 EoI closes 18-08-2026 with plans due 08-10-2026; the ad was published on 03-08-2026 in The New Indian Express across all Tamil Nadu editions and in The Hindu Tamil.
A Rs 105 crore loan against land in Mylapore, and an ad that will not say what the land is. Indiabulls Housing Finance Limited lent Rs 105 crore in March 2019 to this company and to Sathiyamoorthy Sai Prasad jointly, on a five-year tenure. Default came on 14.11.2023 with Rs 77,94,34,430 outstanding a month later. NCLT Chennai Division Bench-II admitted the Section 7 petition on 10-03-2026 -- CP (IBC)/74(CHE)/2024, filed in 2024 and decided in 2026 -- and appointed Amit Agrawal as IRP. By the time the Form G was issued the process had passed to an INSOLVENCY PROFESSIONAL ENTITY: Beleyur Resolutions Private Limited, IBBI/IPE-0163/IPA-1/2023-24/50073, acting through Ranjana Singh, the first IPE-as-RP in this batch. IBBI publishes no date for that changeover. The claim book is the largest in this run -- Rs 104.15 crore claimed, Rs 100.31 crore admitted -- and it is two claims: the lender at Rs 91.35 crore admitted and a single government dues claim of Rs 8.96 crore admitted in full. Not one trade creditor or employee has filed against a developer with a Rs 105 crore facility. What is on offer sits in one line of the ad: "Mylapore, Chennai." Rows 5, 6 and 7 are all NA, there is no website, no project is named, no extent is given and no RERA registration appears anywhere. For an asset in prime central Chennai carrying a hundred crore of admitted claims, the entire public description is a neighbourhood. Round 1 EoI closes 18-08-2026 with plans due 08-10-2026; the ad was published on 03-08-2026 in The New Indian Express across all Tamil Nadu editions and in The Hindu Tamil.
Claims at a glance
FC 91%
OC 9%
Total admitted Rs 100.31 Cr · as on 02 Apr 2026
Case details
CIN
U70101TN2005PTC131430
Incorporated
2005
Registered State
Tamil Nadu
NCLT Bench
Chennai
Petition
CP (IBC)/74(CHE)/2024
Initiated by
Indiabulls Housing Finance Limited
Public Announcement
15 Mar 2026
EoI Last Date
22 Sep 2026
PRA List Date
29 Sep 2026
Objections By
05 Oct 2026
Date of Default (per admission order)
14 Nov 2023
Commencement
10 Mar 2026
NCLT Chennai: median 399 days admission → verdict · 20% of concluded matters ended in plan approval (n=503, full record) · all benches →
Recent movement
01 Aug 2026
Form G — invitation for plans
Round 1 Form G, signed at Bengaluru by Beleyur Resolutions Pvt Ltd (IPE) through Ranjana Singh, an insolvency professional ENTITY; EoI 18-Aug-2026, list 25-Aug, objections 31-Aug, final list 07-Sep, IM 08-Sep, plans 08-Oct-2026
18 Aug 2026
Expressions of interest invited
Form G round 1 | RP: RANJANA SINGH | EoI closes 18 Aug 2026
18 Aug 2026
EoI window closed
EoI window closed | 1 round held
22 Sep 2026
EoI deadline
Last date for expressions of interest from resolution applicants
Ongoing
Under CIRP — outcome awaited
No resolution plan approval or liquidation order yet in our sources
Loan → claim
Sanctioned
Claimed in default
Financial summary
Sanctioned (original)
Rs 105.00 Cr
Claimed in default
Rs 100.31 Cr claimed — not yet crystallised
Financial creditor(s)
Version 1 of the list of creditors, as on 02-04-2026, records TWO claims totalling Rs 104,15,11,443 received and Rs 100,30,54,924 admitted, with Rs 3,84,56,519 not admitted and nothing under verification. Secured financial (row 3): ONE claim, Rs 95,19,07,483 received and Rs 91,34,50,964 admitted, 91.07 pct of the admitted book -- the petitioner, Indiabulls Housing Finance Limited, whose Part IV figure in the petition was Rs 77,94,34,430 as on 11.12.2023, so the claim has grown by about Rs 17 crore in the twenty-eight months to the claim date. Operational, Government Dues (row 7): 1 claim, Rs 8,96,03,960, admitted in full, 8.93 pct. No workmen, employee, trade or other creditor has filed. Aggregators put the total MCA charges on this company at about Rs 105 crore, which is exactly the facility amount [charge total LEAD: brief].
EoI / Form-G detail
Plan submission by
05 Oct 2026
Case timeline
10 Mar 2026
CIRP admitted — NCLT order
Insolvency commencement date — the statutory clock runs from here · NCLT Chennai
15 Mar 2026
Public announcement
Admission announced — claims invited
15 Mar 2026
Form A — public announcement
Public announcement of CIRP (Form A); claims last date 27-Mar-2026; IRP Amit Agrawal
01 Aug 2026
Form G — invitation for plans
Round 1 Form G, signed at Bengaluru by Beleyur Resolutions Pvt Ltd (IPE) through Ranjana Singh, an insolvency professional ENTITY; EoI 18-Aug-2026, list 25-Aug, objections 31-Aug, final list 07-Sep, IM 08-Sep, plans 08-Oct-2026
18 Aug 2026
Expressions of interest invited
Form G round 1 | RP: RANJANA SINGH | EoI closes 18 Aug 2026
18 Aug 2026
EoI window closed
EoI window closed | 1 round held
22 Sep 2026
EoI deadline
Last date for expressions of interest from resolution applicants
Ongoing
Under CIRP — outcome awaited
No resolution plan approval or liquidation order yet in our sources
6 months elapsed · in cirp so far
Business, promoters & security
Chennai real-estate developer, incorporated 22.07.2005, described in its own Form G as "ENGAGED IN REAL ESTATE BUSINESS". Nominal share capital Rs 17,50,00,000 and paid-up Rs 17,43,63,610 (admission order, Part II -- the order confirms figures the brief carried only as an aggregator LEAD). The Form G answers NA to installed capacity, to quantity and value sold in the last financial year and to the number of employees, and gives only one substantive fact about the business: where the assets are.
Group
Reported to be part of the Chennai and Bengaluru based Ozone Group, sharing directors and a registered address with other Ozone entities including Ozone Projects Private Limited, itself said to be under CIRP, and Ozone Elegant Developers and Ozone Buildwe
Promoters / directors
Vaithialingam Mahalingam (apptd 20-Jan-2021); Durbhakula Vamsi Sai. DINs not exposed in public snippets [LEAD: MCA aggregator]. THE LOAN WAS JOINT: the order records that the Rs 105 crore facility was extended "to the Corporate Debtor and Sathiyamoorthy Sai Prasad", and that the loan agreement of 29.03.2019 was executed between the financial creditor, the corporate debtor AND Sathyamoorthy Sai Prasad (the order spells the name both ways). He is a co-borrower on the face of the order, not merely a guarantor.
Asset locations
Mylapore, Chennai (Form G row 4, VERBATIM -- the whole answer, including the full stop). That is the single most valuable line in the ad: Mylapore is prime central Chennai, and the corporate debtor's Rs 105 crore facility was secured on "various securities provided by the Corporate Debtor" (order, para 7.5). Registered office New No.63, GN Chetty Road, T Nagar, Chennai - 600017. No project name, no survey number, no RERA registration and no extent is published anywhere.
Petition
CP (IBC)/74(CHE)/2024 · Section 7
Company
Type
Private · Company limited by shares
Listing
Unlisted
Incorporated
22 Jul 2005
Authorised capital
Rs 17.50 Cr
Paid-up capital
Rs 17.44 Cr
Industry (MCA)
Real Estate and Renting
ROC
ROC Chennai
Company status
Active
Registered address
New No.63, GN Chetty Road,,T Nagar,Chennai,Tamil Nadu,600017-India
Claims filing history
| Creditor class | Claimed | Admitted | Admitted % |
|---|---|---|---|
| Secured financial creditors | Rs 95.19 Cr | Rs 91.35 Cr | 96% |
| Operational creditors | Rs 8.96 Cr | Rs 8.96 Cr | 100% |
| Total of listed classes | Rs 104.15 Cr | Rs 100.31 Cr | 96% |
Of Rs 104.15 Cr claimed across these classes, Rs 100.31 Cr stands admitted — 96 paise per Rs 1 claimed made it past verification.
v1 · latest
as on 02 Apr 2026 · filed by Mr. Amit Agrawal
Claims profile
Admitted claims by creditor class
FC 91%
OC 9%
CLASS
CLAIMED → ADMITTED
Financial creditors
Rs 95.19 Cr → Rs 91.35 Cr
Operational creditors
Rs 8.96 Cr → Rs 8.96 Cr
Total
Rs 104.15 Cr → Rs 100.31 Cr
Claims received
2
Sources, basis and disclaimers → ·
report an error
Key parties
Resolution Professional
12 IBBI mandates · 296.2% of liquidation value realised across concluded work
IRP at commencement
Amit Agrawal → · Mar 2026
CIRP initiated by
Indiabulls Housing Finance Limited
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